BUSINESS

Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks. The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital. This means that its capital is now at 416.6 million cedis. Ecobank initially declared at its AGM in May 2018 of meeting the requirement by ...

Uber drivers in the country are threatening another strike action over what they say is unfair treatment by the company. In a petition submitted to managers of the company, the drivers want management to adjust money charged clients. The drivers claim despite the increases in fuel prices, the Transport Services Company has refused to adjust fares they charge riders. They ...

Dr Kwabena Duffour, a shareholder of the defunct uniBank Ghana Limited, has initiated a fight to reclaim uniBank, which the Bank of Ghana (BoG) on August 1, 2018, collapsed along with four other banks on grounds of insolvency. The Bank of Ghana on August 1, 2018 merged five banks into a Consolidated Bank of Ghana Limited with the explanation that ...

The former CEO of defunct UT Bank Prince Kofi Amoabeng has denied taking $5 million loan without recourse to the bank’s board. According to him, the amount was raised from selling his personal property at Roman Ridge in Accra and does not belong to the defunct bank contrary to media reports. “It is instructive to note that the Boulders report, ...

It has emerged that Capital Bank collapsed because the bank’s major shareholder and promoter, William Ato Essien, flouted all banking and risk management rules by treating depositors’ funds and public funds as his personal cash. According to a report by Bank of Ghana (BoG) investigative team, Ato Essien, who allegedly floated two universal banks but all have gone under due ...

The Bank of Ghana has approved the proposal by Sahel Sahara and Omni Bank to consolidate their operations into one entity to help meet the new minimum capital requirement of GHS400 million. The approval was communicated to the two banks on August 14, paving the way for the board and management of Sahel Sahara Bank and Omni Bank to announce ...

Calls For Dismissal Of BOST Chair Premature – COPEC The Chamber of Petroleum Consumers Ghana (COPEC) has shot down calls for the sacking of the Board Chair of the Bulk Oil Storage and Transport Company (BOST). A group calling itself the Africa Center for Integrity and Development petitioned President Akufo-Addo to immediately relieve Dr Kyei over what they claim is ...

The woes of the collapsed uniBank seem to be far from over, as issues of a company which acquired huge sums of money from uniBank as far as 2013 pop up. According to a document sighted by PrimeNewsGhana, UniBank extended a loan facility of US$10 million to Africa Independence Coastal Service Limited, AICSL company to purchase a cargo vessel, MV ...

It has emerged that Menzgold’s business module of buying gold and subsequently advancing interests to investors in Ghana is in clear breach of its licence agreement. The licence agreement between the Government of Ghana and Menzbanc Ghana Company Limited [the parent company of Menzgold], which is in the exclusive possession of Joy News gives the strongest indication that the concerns ...

MTN Ghana has partnered with the Ghana Investment Fund for Electronic Communication (GIFEC) to re-launch the Rural Telephony Project in Ghana. In effect, President, Nana Addo Dankwa Akufo-Addo, launched the project, in Abenaso, in the Eastern Region, meant to connect the town and surrounding communities with ICT facilities and telecommunication services. The project, which is aimed at providing fast and ...